RBS timeline: the Fred Goodwin era

We trace the career trajectory of Fred Goodwin, from the moment he became
chief executive of RBS, to the loss of his knighthood today, 11-years on, as
he finally pays the price for his part in Royal Bank of Scotland's near
collapse in 2008.

Protesters demonstrate outside RBS Bank in London in January last year Photo: EPA

October 13, 2008: a week after accepting emergency funding, RBS receives multi-billion pound bailout as it comes close to collapse, leaving taxpayer as its majority shareholder. Shares 65.7p

November 2008: The Government takes a 58pc in RBS for £15bn, with a further £5bn of preference shares. Sir Fred Goodwin steps down as RBS chief executive, and is replaced by Stephen Hester.

February 26, 2009: RBS reports a loss of £24.1bn for 2008, the biggest in British corporate history. The government asks Sir Fred to give up an annual pension worth about £700,000.

February 10, 2009: Sir Fred and former chairman Sir Tom McKillop appear before MPs. Sir Fred and Sir Tom apologise for the near collapse of RBS and the "distress" it caused. Shares 23.8p.

February 27, 2009: Prime Minister Gordon Brown piles pressure on Sir Fred, saying legal action may be used to claw back some of the pension payout. Sir Fred has said he has no intention of giving up his benefits, angering officials and taxpayers.

March 9, 2009: RBS says in its annual report that Sir Fred was paid £1.3m in 2008.

April 1, 2009: Protesters target an RBS branch as the G20 heads of government gather in London while windows were smashed and a car damaged the previous month in an attack on Sir Fred's home.

April 11, 2009: Financial Services Authority launches formal investigation into the events which led to last year's emergency Government rescues of HBOS and Royal Bank of Scotland (RBS).

December 2, 2010: Sir Fred and other RBS executives during the financial crisis escape punishment by the FSA despite what the regulator describes as a “series of bad decisions” in 2007 and 2008.

February 24, 2011: Bank reports full year losses narrowed to £1.1bn from £3.6bn. Reveals more than 100 staff earned more than £1m in 2010, despite Government attempts to restrict bankers' pay. Mr Hester accepts £2m bonus.

March 10, 2011: John Hemming MP discloses in the House of Commons that Sir Fred has obtained a "super-injunction" from the courts banning the publication of certain information about him, or even revealing the nature of that information. The very existence of the injunction can only be acknowledged because Mr Hemming's comments are protected by Parliamentary privilege

June 09, 2011: Sir Fred Goodwin admits for the first time that he had an affair with a senior colleague at the Royal Bank of Scotland in the run-up to its near collapse and concealed the sexual relationship from colleagues, via a super-injunction, fearing their disapproval and that it would damage his career.

December 12, 2011: A Financial Services Authority notice to the RBS board containing details of its concerns over the bank’s deteriorating relationship with its officials, as well as worries over its exposure to commercial property loans, was watered down by Fred, according to a report into the lender’s collapse

January 31, 2012: Continued criticism of his role in the bank's near collapse and public anger at the way he was allowed to keep his title resulted in the Queen, acting on advice from Whitehall officials, annulling his knighthood.